Our Verdict
This card is not open to new applications.
One of just a handful of credit cards available to those with limited or no credit history, the Tomo Credit Card*, which is issued on the Mastercard network, uses banking and other financial metrics to determine approval and credit limit. But the approval process can be slow and you’ll have to agree to connect to your bank account as part of the application. You’ll also need to pay your balance in full every billing cycle, with the option to set up a weekly autopay of your bill.
Pros
- No credit check required
- No APR charges
Cons
- Not all financial institutions can easily be linked to your account for approval
- No rewards earning on credit card spending
- Other alternative credit cards may offer better benefits
Highlights
- Up to $10,000 credit limit
- No interest charges
- Expedited autopay including weekly, bi-weekly, and monthly payments
- Non-U.S. citizens are eligible to apply
- No security deposit
- No credit check or credit history required
- Reports to all 3 major credit bureaus
Tomo Credit Card Introduction
Typically, to qualify for a good rate on a credit card—or other types of loans—a credit card issuer will base its decision primarily on an applicant’s credit score rather than a person’s overall financial profile. This method often prevents recent graduates, immigrants and others with little-to-no credit history from qualifying for a card that fits their needs even though they may have an income.
Tomo was created to remedy that issue. Applicants provide Tomo with their checking account, savings account and/or asset account information, which is used to determine eligibility and, if approved, their credit limit. Like any credit card aimed at building a stronger credit profile, Tomo reports to all three major credit bureaus.
The primary difference between Tomo and other cards in this space is that it’s a charge card. So it doesn’t assess any interest charges, but you’ll also have to pay in full every billing cycle otherwise your account will be frozen.
This means, unlike a typical credit card, there’s no ability to carry a balance over a period of time. You’ll have to decide if this charge card-like structure is a fit for your spending needs or if another option might suit you better.
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Quick Facts
- No APR charges
- No ability to carry a balance; must pay in full
- Must allow Tomo to link to your relevant financial information
Other Tomo Card Benefits
As a World Elite Mastercard, the Tomo Credit Card* comes with the following benefits:
- Cellphone protection. Pay your cellphone bill with your Tomo Credit Card* and you’re protected against damage or theft.
- $0 liability protection. As a Mastercard cardholder, you’re not responsible in the event that someone makes unauthorized purchases with your card.
- Mastercard global service. Get emergency assistance and in any language. Also helps with reporting a lost or stolen card, obtaining an emergency card replacement or cash advance, finding an ATM and answering questions on your account.
- Mastercard ID theft protection. Activate your card by registering your card number and receive alerts when suspicious activity is detected and resolutions services if needed.
- DoorDash perks. Cardholders who are new to DashPass will receive a three-month membership.
- Lyft: Get a $5 credit for every three rides taken in a calendar month (capped at one per month).
- ShopRunner membership. Get free two-day shipping and free return shipping at dozens of online retailers.
- Fandango credit. Get $5 off your next purchase when you spend at least $20 on movie tickets or streaming with Fandango.
- World Elite concierge. 24/7 access to a concierge service that can help you with tasks such as obtaining hard-to-find event tickets.
Fine Print
Interest Rates
- Regular APR: No interest charges
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
Fees
- Annual fee: $2.99
- Balance transfer fee: N/A
- Foreign purchase transaction fee: None
How the Tomo Card Stacks Up
Tomo Credit Card* vs. Secured Chime Credit Builder Visa® Credit Card
The no annual fee Secured Chime Credit Builder Visa® Credit Card allows cardholders to use their security deposit to pay for monthly charges, which is a departure from traditional secured cards. Since it doesn’t have a pre-set credit limit, the Chime Credit Builder¹ also doesn’t report your utilization to credit bureaus. So spending your deposit or any other money you add to your limit won’t count against your utilization rate in your credit history.
The card doesn’t require a credit check or charge interest², either. But it also doesn’t provide any rewards-earning opportunities and you must have a Chime checking account with direct deposit to apply.
Tomo Credit Card* vs. Bank of America® Customized Cash Rewards Secured Credit Card*
The Bank of America® Customized Cash Rewards Secured Credit Card* can be a good secured card option for establishing credit. It provides access to educational resources about how to use credit cards responsibly, build budgets and more. Also, cardholders earn 3% cash back in a category of choice: gas and EV charging, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.
There’s a potential drawback, however, when compared with the Tomo Card. As a secured card, you’ll have to put down a security deposit, starting at a minimum of $200 to a maximum of $5,000, which will determine your credit limit.
Tomo Credit Card* vs. Discover it® Secured Credit Card
The $0 annual fee Discover it® Secured Credit Card is tailor-made for those just starting to build a credit history. You don’t need a credit score to apply and Discover will report your credit history to all three major credit bureaus to help you get going on your credit-building journey.
You’ll also earn rewards while you’re building credit. The card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. Plus, it offers Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year.
To get the Discover it® Secured Credit Card, you’ll need to provide a refundable security deposit of at least $200. After seven months, Discover will begin reviewing your account on a monthly basis to see if you qualify to get your deposit back and graduate to an unsecured version of the card.
Evaluate Credit Cards Side By Side
Is the Tomo Card for You?
The Tomo Card could be a good choice for a specific profile: Someone with a steady income or solid financial assets and a willingness to pay their bill in full each billing cycle (or on a weekly basis if you set up autopay).
But if you’ve established credit in the U.S., you’re likely able to qualify for a card that earns rewards, which the Tomo Credit Card* does not.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
¹To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
²Out of network ATM withdrawal and over the counter advance fees may apply. See here for details.
*The information for the following card(s) has been collected independently by Forbes Advisor: Tomo Credit Card, Bank of America® Customized Cash Rewards Secured Credit Card. The card details on this page have not been reviewed or provided by the card issuer.
